ECON 302 Midterm: ECON302 Midterm 12 Spring 2009 solution
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Instructions: this is closed book, closed notes exam, no calculators of any kind are allowed, show all the calculations, if you need more space, use the back of the page, fully label all graphs. Suppose that gdp in the u. s. is 3 times as large as that of china. Also suppose that the u. s. gdp grows at constant rate of 2% per year, while. How many years would it take for china to catch up with the u. s. in terms of gdp? (instructions: since you don"t have calculators, leave the unknown variable t as expression that could be calculated with a calculator). If a variable grows at constant rate, then the natural log of the variable is: increasing function of time, decreasing function of time, linear function of time, quadratic function of time, impossible to tell without more information. The next table provides data on prices and output in some artificial economy for the years 2000 2002.
